A common theme developing as of late with markets going out upon their lows for the session. Classic, hallmark bearish action. Only the financials were able to escape not declining on the day of the major 10 groups and they just barely survived up less than .1%. Materials, utilities, industrials and consumer discretionary groups all lagged each down better than .6%. The Nasdaq once again flirted with the round 5000 number, above it intraday, but unable to CLOSE north of it. At its best Monday the benchmark was higher by more than .5% and it ended up lower by .15%. True to form the weaker S&P 500 fell by nearly .5%. Speaking of the financials we uncovered a decent looking ETF that is at a critical juncture. The KBE has been bothered by the 34 handle for sometime now and it achieved just two weekly CLOSES above that number in the last year and they both interestingly came almost exactly one year apart. The weeks ending 3/21/14 and 3/20/15 finished above that level with closes of 34.46 and 34.01 respectively. The round number theory came into play as well as the weeks ending 10/17/14, 1/16 and 1/30 all traded below 30 intraweek but managed to CLOSE above on all 3 occasions. Volume trends have been positive and look for a move and CLOSE above 34.30 for a deposit, I mean entry. Stay tuned as many finnies will be reporting this week.
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